- MATIC shows strength as the price breaks above the key resistance of $1.3; this could lead to more upside potential for the price of MATIC
- MATIC price continues to show bullish signs across all timeframes as price holds above the weekly 50 Exponential Moving Average (EMA)
The past weeks have been less of a price action for Polygon (MATIC) as the price struggled to hold above its key support of $1 it has built for months now, as this could be a good point for more buy orders.
After forming strong support at $1, the price of MATIC has shown so much resilience as the price broke above the region of $1.2, holding the price from rallying higher. With the crypto market looking more promising, there are high chances of the price of MATIC retesting the region of $2 if there are more buy orders.
Polygon (MATIC) Weekly (1W) Price Analysis
Despite the narrative in the past few weeks shifting to AI tokens, with many of the tokens rallying with over 100% gains as many FOMO into most of these tokens, there are still other tokens with huge fundamentals that have been lagging since the relief bounce start, and that is MATIC.
The weekly chart for MATIC looks really bullish despite the price facing so much resistance to breaking higher in previous weeks and the price of Bitcoin (BTC) looking uncertain in the past few days.
MATIC’s price formed an ascending triangle on the weekly chart after moving in a range for weeks as the price attempted to break above the region of $1.3. A break and close above this region would mean more upside price movement for MATIC to a region of $1.7 and a possible rally to a high of $2.
MATIC Major Resistance On The Weekly Chart – $1.7 – $2
MATIC Major Support On The Weekly Chart – $1
Image from Zipmex, Chart from Tradingview.com